LexisNexis Bankruptcy Expert Says Decline Then Rise of Chapter 7 Filings Not Surprising

A 99.2 percent decline in Chapter 7 personal bankruptcy filings in the last half of October versus the first 16 days of the month was no surprise, according to an editor-in-chief of one of the nation’s leading bankruptcy publications.

Henry J. Sommer, Esq., co-editor-in-chief, of Collier on Bankruptcy, a LexisNexis publication, says this decline was expected after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 became law on Oct. 17, 2005.